Dividend Taxes and the Allocation of Capital: Comment
Laurent Bach
- Fonction : Auteur
- PersonId : 1270728
- ORCID : 0000-0002-7081-6502
- IdRef : 264909550
Antoine Bozio
- Fonction : Auteur
- PersonId : 743083
- IdHAL : antoine-bozio
- ORCID : 0000-0003-0201-6148
- IdRef : 129539597
Arthur Guillouzouic
- Fonction : Auteur
- PersonId : 1177482
- IdRef : 231166893
Clément Malgouyres
- Fonction : Auteur
- PersonId : 1331600
- IdHAL : clement-malgouyres
- ORCID : 0000-0002-2711-7669
- IdRef : 272233927
Résumé
Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as “size growth,” used in all the difference-in-difference specifications, effectively are controls for lagged investment, i.e., the main outcome variable. Removing such controls attenuates differential pre-trends but leaves no clear event study evidence of a positive effect of dividend taxation on investment.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Dividend Taxes and the Allocation of Capital: Comment
|
Résumé |
en
Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as “size growth,” used in all the difference-in-difference specifications, effectively are controls for lagged investment, i.e., the main outcome variable. Removing such controls attenuates differential pre-trends but leaves no clear event study evidence of a positive effect of dividend taxation on investment.
|
Auteur(s) |
Laurent Bach
1
, Antoine Bozio
2, 3
, Arthur Guillouzouic
2
, Clément Malgouyres
2, 3
1
ESSEC Business School
( 301020 )
- 1, avenue Bernard Hirsch
CS 50105 Cergy
95021 Cergy Pontoise Cedex
France
Tél : +33 (0)1 34 43 30 00
Fax : +33 (0)1 34 43 30 01
- France
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
|
Public visé |
Scientifique
|
Langue du document |
Anglais
|
Nom de la revue |
|
Date de publication |
2023-07
|
Volume |
113
|
Numéro |
7
|
Page/Identifiant |
2048-2052
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Projet(s) ANR |
|
Domaine(s) |
|
Mots-clés (JEL) |
|
DOI | 10.1257/aer.20221432 |
UT key WOS | 001033929200009 |
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